Located a short distance from Queen’s University, 93/95 Botanic Avenue is let in its entirety to Bubbacue on a ten year term from 3rd May 2017 at an initial rental of £55,000 per annum. It presents an attractive retail investment opportunity in the student heartland of the city.
The property comprises two terraced buildings which have been merged to provide a ground floor restaurant with upper floor office and storage accommodation allowing for future expansion of further seating.
Botanic Avenue is approximately 1.2 miles south of Belfast city centre and is characterised by a large amount of young professional and student accommodation in the immediately surrounding area. This includes a new purpose-built student complex providing an additional 156 studios. Botanic train station is also a short distance from the property.
Neil McShane, director of capital markets at LSH, said: “Botanic Avenue has continued to increase its popularity for eateries, targeting the young demographic. This includes the property occupier, Bubbacue, a recent addition to an already impressive line-up including French Village Café Bistro, Falafel, The Sphinx, Build-a-Burger and Boojum.
“We are seeking offers in excess of £800,000 exclusive of VAT and subject to contract. An offer at this level would reflect a net initial yield of 6.52% after reflecting purchaser’s costs of 5.49%.”
He continued: “Investment opportunities, such as this one, with a secured 10 year lease and no tenant break options, in the sub £1m market in Northern Ireland, are hard to come by. Bubbacue is a fantastic local success story and a great tenant. We anticipate a high volume of interest in this property and encourage any interested parties to contact our team as early as possible.”